With stocks worldwide off to a bad start in 2014, one man isn't surprised by any of this.

Dr. Marc Faber, editor and publisher of the Gloom, Boom, and Doom Report, thinks the drop in the markets, particularly with US stocks, were nothing compared to what they could – or should – have done.

While turmoil in emerging markets is often cited as the culprit for stocks' decline, others are pointing the finger at the Federal Reserve Bank for tapering its monetary stimulus. Faber believes the fall in equities is the fault of the Fed, but not because of tapering.

"It's easy to blame someone else for ones problems," says Faber. "Emerging markets central bankers are blaming now the Fed for the tapering… The Fed has brought about problem in emerging economies. But, it's not the tapering. It's the previous bubble they created because investors were chasing yield. They bought emerging market stocks, emerging market currencies, and bonds. They pushed up these asset prices to relatively high levels."

Though the correction in stocks caught some off guard, Faber says he wasn't surprised by anything other than people's reaction.

"The market in the US, the S&P went from 666 in March 2009 – almost five years ago – to 1,850," says Faber. "Now the market dropped 7% and it seems that it's the end of the world. This is ridiculous."

"Compared to the previous increase in prices," says Faber, "the market retreat of 7% is nothing, nothing at all!

Where Faber sees a bubble is in the tech sector, particularly with social media stocks. He was short Twitter, which until Wednesday was up 45% from its IPO closing price of $44.90. He says he covered his short as shares dropped to $50 per share Thursday. However, he is generally not hopeful for the sector.

"Social media stocks are more overpriced than the internet shares were in year 2000," says Faber.

Besides Twitter's staggering 24% drop on Thursday, Pandora was down 10% and LinkedIn took a 7% hit in afterhours trading before Friday morning's opening bell.

Faber warns investors hoping to make easy money by shorting social media stocks that they may get hurt. Yet he doesn't buying them to make a quick buck is a good idea, either. In other words, investors should just stay away from social media stocks.

"In year 2000, between January and March, [internet stocks] still went up 30%.... And then, it collapsed," says Faber. "I'm not saying that individual investors should short these stocks because they may get burned. But, by and large, the fact that they still go up doesn't make them good value from a long-term perspective."

To see the rest of Dr. Marc Faber's take on emerging markets, the Fed, stocks, and social media companies, watch the video above.

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